Vacant Edgewater lot sells for $64M

Site already approved for big-box retail

TRD MIAMI /
Jan.January 22, 2015 12:00 PM

The site of Miami’s oldest cemetery will have a new neighbor now that investors have purchased an adjacent lot for $64 million.

The company Rebuild Miami-Edgewater purchased the vacant lot north of the City Cemetery in Edgewater from Maryland-based investor BDB Miami on Jan. 8, records show. BDB Miami also granted a $34 million mortgage to the buyer.

The 7.4-acre lot, at the corner of Northeast Second Avenue and 17th Street, was listed for sale in March of 2014. BDB Miami owned the site for nearly a decade and had previously planned a large retail development called Bayview Market. It received approvals for 550,000 square feet of big box retail but never started construction.

“BDB Miami is the perfect canvas for a visionary developer,” CBRE senior vice president Gerard Yetming said in a statement. “Population growth for the one-mile radius around the site is forecast at nearly 10 percent over the next five years. With this acquisition, the buyer has the opportunity to capitalize on all of the new energy associated with Miami’s most transformative commercial real estate developments.”

CBRE arranged the sale of the site. Richard Meruelo is listed as a manager on Rebuild Miami-Edgewater’s corporate records.


Related Articles

arrow_forward_ios
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
From left: Miguel Solis, Mario Chirino, and Madelayne Garcia

Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more

Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
The sales center, David Restainer and Reid Boren

Two Roads Development lists Elysee sales center for $6M

Two Roads Development lists Elysee sales center for $6M
Aria on the Bay with Carlos Melo of the Melo Group and Bernardo Fort-Brescia from Arquitectonica

Melo’s Aria on the Bay allegedly plagued with construction defects: lawsuit

Melo’s Aria on the Bay allegedly plagued with construction defects: lawsuit
Hamilton on the Bay and listing broker Rani Hussami

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater

Apartment giant Aimco buys waterfront Hamilton on the Bay tower in Edgewater
Rendering of the project and Russell Galbut

Crescent Heights hits a snag with plan to develop high-rise Edgewater project

Crescent Heights hits a snag with plan to develop high-rise Edgewater project
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...